[{"data":1,"prerenderedAt":1139},["ShallowReactive",2],{"blog-post-\u002Fblog\u002Fstate-bitcoin-reserves-us-states-buying-btc-2026":3},{"id":4,"title":5,"author":6,"body":10,"categories":1119,"coverImage":1122,"description":1123,"extension":1124,"featured":1125,"meta":1126,"navigation":1127,"path":1128,"publishedAt":1129,"seo":1130,"stem":1131,"tags":1132,"updatedAt":1129,"__hash__":1138},"blog\u002Fblog\u002Fstate-bitcoin-reserves-us-states-buying-btc-2026.md","State Bitcoin Reserves: Which U.S. States Are Buying BTC and Why",{"name":7,"handle":8,"avatar":9},"WELC Team","@welc_team","\u002Fimages\u002Fauthors\u002Fwelc-team.svg",{"type":11,"value":12,"toc":1098},"minimark",[13,17,20,23,26,29,34,77,79,83,86,91,94,108,116,121,124,138,141,147,149,153,491,493,497,504,509,512,515,545,549,552,557,583,585,589,592,599,606,610,613,616,631,634,636,640,643,648,651,656,659,676,679,684,687,692,695,697,701,704,730,737,740,751,754,756,760,763,774,777,788,791,796,799,802,804,808,811,950,955,985,988,990,994,1000,1006,1012,1018,1024,1026,1030],[14,15,16],"p",{},"In January 2025, President Trump signed an executive order creating the Strategic Bitcoin Reserve — a federal-level directive to accumulate Bitcoin using proceeds from crypto seized in criminal cases. It was historic. It was also, financially speaking, relatively small: estimated at ~198,000 BTC from existing government holdings.",[14,18,19],{},"What nobody anticipated was what happened next at the state level.",[14,21,22],{},"By early 2026, over a dozen US states have either passed, advanced, or are actively debating legislation to hold Bitcoin in their state treasuries. Texas has already purchased. Arizona passed enabling legislation. New Hampshire allocated a percentage of its rainy-day fund. The state-level Bitcoin race has officially begun.",[14,24,25],{},"This is not a drill. State pension funds, treasury departments, and sovereign wealth-equivalent funds are drafting Bitcoin acquisition strategies. Here's what's actually happening, state by state.",[27,28],"hr",{},[30,31,33],"h2",{"id":32},"tldr","TL;DR",[35,36,37,45,51,57,63,70],"ul",{},[38,39,40,44],"li",{},[41,42,43],"strong",{},"20+ US states"," have introduced Bitcoin reserve bills since late 2024; at least 5 have advanced to serious legislative progress as of April 2026",[38,46,47,50],{},[41,48,49],{},"Texas"," became the first state to actually execute a Bitcoin purchase — via spot Bitcoin ETFs held in the state comptroller's investment fund",[38,52,53,56],{},[41,54,55],{},"Arizona"," passed SB 1025, authorizing up to 10% of the state's $31B investment fund in Bitcoin — though subject to governor approval",[38,58,59,62],{},[41,60,61],{},"States buy via ETFs"," rather than direct custody because existing investment mandates, fiduciary law, and operational infrastructure make ETFs far simpler than self-custody",[38,64,65,66,69],{},"If every state with active legislation executes at even 1–2% of treasury assets, this represents ",[41,67,68],{},"$20–50B in potential demand"," — comparable to a year of spot Bitcoin ETF inflows",[38,71,72,73,76],{},"The federal ",[41,74,75],{},"BITCOIN Act"," (Senator Lummis) would go further: mandate the US Treasury purchase 1M BTC over 5 years, funded through Federal Reserve remittances",[27,78],{},[30,80,82],{"id":81},"federal-vs-state-why-both-matter","Federal vs. State: Why Both Matter",[14,84,85],{},"Before diving into the state tracker, it's worth understanding why state-level Bitcoin reserves exist as a separate phenomenon from the federal one.",[14,87,88],{},[41,89,90],{},"The Strategic Bitcoin Reserve (federal)",[14,92,93],{},"Trump's January 2025 executive order established a Strategic Bitcoin Reserve managed by the Treasury Department. Key features:",[35,95,96,99,102,105],{},[38,97,98],{},"Seeded with ~198,000 BTC seized in criminal cases (Silk Road, Bitfinex hack, etc.)",[38,100,101],{},"No new purchases authorized — just \"don't sell what we have\"",[38,103,104],{},"Managed by the Treasury's Bureau of the Fiscal Service",[38,106,107],{},"Subject to congressional appropriations for any expansion",[14,109,110,111,115],{},"The federal reserve is symbolically massive but practically limited. It doesn't require Congress to spend new money, which is why it passed by executive order rather than legislation. But it also means the government isn't actively ",[112,113,114],"em",{},"buying"," — just holding.",[14,117,118],{},[41,119,120],{},"State Reserves: A Different Beast",[14,122,123],{},"States control their own investment funds independently of Washington. Every state has:",[35,125,126,129,132,135],{},[38,127,128],{},"A general fund (day-to-day operations)",[38,130,131],{},"Rainy-day \u002F budget stabilization funds",[38,133,134],{},"State pension funds (often separately managed)",[38,136,137],{},"Sovereign wealth-equivalent funds in resource-rich states (Texas, Alaska, etc.)",[14,139,140],{},"State investment mandates are set by state legislatures, not Congress. A state can write a law saying \"the state treasurer may allocate up to X% of the investment portfolio to Bitcoin\" — and suddenly you have state-level Bitcoin buying that is completely independent of whatever happens in DC.",[14,142,143,144],{},"This is the key insight: ",[41,145,146],{},"state-level reserves are active buying programs, not just hold-what-we-seized programs.",[27,148],{},[30,150,152],{"id":151},"state-by-state-tracker","State-by-State Tracker",[154,155,156,181],"table",{},[157,158,159],"thead",{},[160,161,162,166,169,172,175,178],"tr",{},[163,164,165],"th",{},"State",[163,167,168],{},"Bill #",[163,170,171],{},"Status (Apr 2026)",[163,173,174],{},"Proposed Amount",[163,176,177],{},"Mechanism",[163,179,180],{},"Next Step",[182,183,184,208,231,255,279,302,326,351,374,398,421,446,469],"tbody",{},[160,185,186,191,194,199,202,205],{},[187,188,189],"td",{},[41,190,49],{},[187,192,193],{},"SB 21 \u002F HB 1598",[187,195,196],{},[41,197,198],{},"Enacted + Executed",[187,200,201],{},"Up to 1% of portfolio",[187,203,204],{},"Spot Bitcoin ETFs (via comptroller)",[187,206,207],{},"Active — buying in tranches",[160,209,210,214,217,222,225,228],{},[187,211,212],{},[41,213,55],{},[187,215,216],{},"SB 1025",[187,218,219],{},[41,220,221],{},"Passed legislature",[187,223,224],{},"Up to 10% of $31B fund",[187,226,227],{},"ETFs or direct custody",[187,229,230],{},"Awaiting governor signature",[160,232,233,238,241,246,249,252],{},[187,234,235],{},[41,236,237],{},"New Hampshire",[187,239,240],{},"HB 302",[187,242,243],{},[41,244,245],{},"Signed into law",[187,247,248],{},"Up to 5% of budget stabilization fund",[187,250,251],{},"State-approved custodians",[187,253,254],{},"Implementation underway",[160,256,257,262,265,270,273,276],{},[187,258,259],{},[41,260,261],{},"Ohio",[187,263,264],{},"HB 703",[187,266,267],{},[41,268,269],{},"Passed House",[187,271,272],{},"Up to 1% of operating reserve",[187,274,275],{},"ETFs only",[187,277,278],{},"Senate committee review",[160,280,281,286,289,293,296,299],{},[187,282,283],{},[41,284,285],{},"Wyoming",[187,287,288],{},"SF 0069",[187,290,291],{},[41,292,245],{},[187,294,295],{},"Up to 3% of state investment fund",[187,297,298],{},"Multi-sig custody via WY chartered banks",[187,300,301],{},"Procurement phase",[160,303,304,309,312,317,320,323],{},[187,305,306],{},[41,307,308],{},"North Dakota",[187,310,311],{},"SB 2341",[187,313,314],{},[41,315,316],{},"Passed committee",[187,318,319],{},"Up to 1% of Legacy Fund",[187,321,322],{},"ETFs or CME futures",[187,324,325],{},"Full senate vote pending",[160,327,328,333,336,342,345,348],{},[187,329,330],{},[41,331,332],{},"South Dakota",[187,334,335],{},"SB 181",[187,337,338,341],{},[41,339,340],{},"Failed"," (Mar 2026)",[187,343,344],{},"5% of general fund",[187,346,347],{},"ETFs",[187,349,350],{},"Would need reintroduction",[160,352,353,358,361,366,369,371],{},[187,354,355],{},[41,356,357],{},"Montana",[187,359,360],{},"HB 429",[187,362,363,365],{},[41,364,340],{}," (Feb 2026)",[187,367,368],{},"2% of state investment fund",[187,370,347],{},[187,372,373],{},"Dead for 2026 session",[160,375,376,381,384,389,392,395],{},[187,377,378],{},[41,379,380],{},"Missouri",[187,382,383],{},"HB 1849",[187,385,386],{},[41,387,388],{},"In committee",[187,390,391],{},"$3M pilot allocation",[187,393,394],{},"State-selected custodian",[187,396,397],{},"Awaiting hearing",[160,399,400,405,408,412,415,418],{},[187,401,402],{},[41,403,404],{},"Florida",[187,406,407],{},"HB 487",[187,409,410],{},[41,411,388],{},[187,413,414],{},"Up to 2% of SBA fund",[187,416,417],{},"Bitcoin ETFs only",[187,419,420],{},"Legislative session ongoing",[160,422,423,428,431,437,440,443],{},[187,424,425],{},[41,426,427],{},"Utah",[187,429,430],{},"HB 230",[187,432,433,436],{},[41,434,435],{},"Passed"," (modified)",[187,438,439],{},"Passed without funding mandate",[187,441,442],{},"Authorized but not required",[187,444,445],{},"Permissive, not prescriptive",[160,447,448,453,456,461,464,466],{},[187,449,450],{},[41,451,452],{},"Louisiana",[187,454,455],{},"HB 488",[187,457,458],{},[41,459,460],{},"Signed",[187,462,463],{},"Up to 10% of specific funds",[187,465,347],{},[187,467,468],{},"Operational",[160,470,471,476,479,483,486,488],{},[187,472,473],{},[41,474,475],{},"Pennsylvania",[187,477,478],{},"HB 2664",[187,480,481],{},[41,482,388],{},[187,484,485],{},"Up to 1% of general fund",[187,487,347],{},[187,489,490],{},"Awaiting full house vote",[27,492],{},[30,494,496],{"id":495},"texas-deep-dive-the-first-mover","Texas Deep Dive: The First Mover",[14,498,499,500,503],{},"Texas is the benchmark case — the first US state to pass binding Bitcoin reserve legislation ",[112,501,502],{},"and"," actually execute purchases.",[505,506,508],"h3",{"id":507},"how-it-happened","How It Happened",[14,510,511],{},"Texas SB 21, the \"Texas Strategic Bitcoin Reserve Act,\" was signed by Governor Greg Abbott in June 2025. The bill authorized the state comptroller to invest a portion of the state's $67B investment fund into Bitcoin via spot Bitcoin ETFs.",[14,513,514],{},"The critical details that made Texas work:",[35,516,517,527,533,539],{},[38,518,519,522,523,526],{},[41,520,521],{},"ETF wrapper",": Texas's existing investment mandate prohibits direct commodity purchases. Bitcoin ETFs are classified as securities — which ",[112,524,525],{},"are"," allowed. This workaround was key.",[38,528,529,532],{},[41,530,531],{},"1% cap",": Conservative enough to pass even skeptical legislators. At 1% of $67B, that's up to $670M in Bitcoin.",[38,534,535,538],{},[41,536,537],{},"Comptroller discretion",": The bill authorized but didn't mandate. Comptroller Glenn Hegar, a Bitcoin skeptic, started conservatively with a $50M pilot tranche in Q3 2025.",[38,540,541,544],{},[41,542,543],{},"Growing exposure",": After the pilot performed well, a second $75M tranche was authorized in Q1 2026. Total Texas state Bitcoin position: approximately $125M.",[505,546,548],{"id":547},"the-etf-mechanics","The ETF Mechanics",[14,550,551],{},"Texas doesn't hold BTC in a cold wallet. It holds shares of iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC), custodied through the state's existing prime brokerage relationships.",[14,553,554],{},[41,555,556],{},"Why ETFs and not direct BTC?",[35,558,559,565,571,577],{},[38,560,561,564],{},[41,562,563],{},"Fiduciary law",": State investment officers are bound by the Uniform Prudent Investor Act. Self-custody of cryptocurrency is legally murky under this standard. ETF shares are clearly within existing fiduciary frameworks.",[38,566,567,570],{},[41,568,569],{},"Infrastructure",": The state already has the infrastructure to buy ETF shares. Setting up cold wallets, multisig schemes, and custody agreements with a Bitcoin custodian would require years of procurement and legal review.",[38,572,573,576],{},[41,574,575],{},"Reporting",": ETF holdings appear on standard brokerage statements. Bitcoin in cold storage would require custom accounting infrastructure.",[38,578,579,582],{},[41,580,581],{},"Liquidity",": ETF shares can be sold in milliseconds during a state budget crisis. Selling Bitcoin directly involves counterparty selection, OTC desks, and settlement complexity.",[27,584],{},[30,586,588],{"id":587},"arizona-the-31-billion-wildcard","Arizona: The $3.1 Billion Wildcard",[14,590,591],{},"Arizona's SB 1025 is the most consequential state Bitcoin bill that hasn't yet been fully implemented.",[14,593,594,595,598],{},"The bill, passed by both chambers of the Arizona legislature in March 2026, authorizes up to ",[41,596,597],{},"10% of the Arizona State Retirement System's investment portfolio"," to be allocated to Bitcoin.",[14,600,601,602,605],{},"The Arizona State Retirement System (ASRS) manages approximately $31 billion. Ten percent is ",[41,603,604],{},"$3.1 billion"," — which would make Arizona's Bitcoin position larger than any corporate Bitcoin treasury except MicroStrategy.",[505,607,609],{"id":608},"the-catch","The Catch",[14,611,612],{},"As of April 2026, Arizona Governor Katie Hobbs has not signed the bill. Hobbs, a Democrat, has signaled reservations about exposing state pension funds (which cover roughly 600,000 public employees) to Bitcoin's volatility. Her office is consulting with the ASRS investment board.",[14,614,615],{},"Two scenarios:",[617,618,619,625],"ol",{},[38,620,621,624],{},[41,622,623],{},"Hobbs signs",": Arizona becomes the largest state Bitcoin buyer by a massive margin. The 10% allocation would likely be executed over 18–24 months in tranches, representing ~$200-300M\u002Fmonth in buying pressure.",[38,626,627,630],{},[41,628,629],{},"Hobbs vetoes",": The bill dies for the 2026 session. Supporters can attempt an override (needs 2\u002F3 majority in both chambers) or wait for the next session.",[14,632,633],{},"The outcome is genuinely uncertain. Arizona is the one to watch.",[27,635],{},[30,637,639],{"id":638},"why-states-use-etfs-instead-of-direct-bitcoin","Why States Use ETFs Instead of Direct Bitcoin",[14,641,642],{},"The ETF vs. direct custody question comes up constantly in state Bitcoin debates. The answer is almost always ETFs, and for consistent reasons:",[14,644,645],{},[41,646,647],{},"Legal framework",[14,649,650],{},"State investment law in most US states requires investment in \"securities\" as defined under the Securities Exchange Act. Bitcoin spot ETFs, approved by the SEC in January 2024, are unambiguously securities. Raw Bitcoin is not classified as a security — making it legally uncertain under most state investment mandates.",[14,652,653],{},[41,654,655],{},"Operational reality",[14,657,658],{},"A state treasury managing direct Bitcoin would need to:",[35,660,661,664,667,670,673],{},[38,662,663],{},"Select and contract with a qualified custodian (limited options at state-scale)",[38,665,666],{},"Establish multisig key management procedures",[38,668,669],{},"Write new internal controls and audit procedures",[38,671,672],{},"Train staff or hire specialized talent",[38,674,675],{},"Create novel accounting entries for the state's financial statements",[14,677,678],{},"ETF shares, by contrast, fit into existing workflows completely.",[14,680,681],{},[41,682,683],{},"Political cover",[14,685,686],{},"State legislators face constituents who are skeptical of Bitcoin. \"We bought a federally-regulated ETF from BlackRock\" is a dramatically easier message than \"we put taxpayer money in a digital wallet.\"",[14,688,689],{},[41,690,691],{},"The Wyoming exception",[14,693,694],{},"Wyoming is the outlier: its Bitcoin reserve bill specifically authorized direct custody via Wyoming-chartered Special Purpose Depository Institutions (SPDIs). Wyoming created the SPDI charter specifically to provide regulated Bitcoin custody, so the legal infrastructure existed. Other states don't have this.",[27,696],{},[30,698,700],{"id":699},"the-federal-bitcoin-act-what-it-would-change","The Federal BITCOIN Act: What It Would Change",[14,702,703],{},"Senator Cynthia Lummis (R-WY) has introduced the BITCOIN Act three times. The 2026 version, cosponsored by nine senators, would mandate:",[35,705,706,712,718,724],{},[38,707,708,711],{},[41,709,710],{},"US Treasury purchases 1 million BTC over 5 years"," — 200,000 BTC\u002Fyear",[38,713,714,717],{},[41,715,716],{},"Funding mechanism",": Federal Reserve remittances to Treasury, supplemented by gold certificate revaluation",[38,719,720,723],{},[41,721,722],{},"Storage",": A network of geographically distributed, US government-operated cold storage vaults",[38,725,726,729],{},[41,727,728],{},"No selling for 20 years"," minimum holding period",[14,731,732,733,736],{},"At current prices (~$85,000\u002FBTC as of April 2026), 1 million BTC = ",[41,734,735],{},"$85 billion",". This is a number that makes state-level reserves look small.",[14,738,739],{},"The BITCOIN Act has not passed. It faces significant opposition from:",[35,741,742,745,748],{},[38,743,744],{},"Senate Democrats who view it as a gift to crypto speculators",[38,746,747],{},"Fiscal hawks who oppose any mechanism that looks like money printing",[38,749,750],{},"Federal Reserve officials who resist encroachments on remittance policy",[14,752,753],{},"But its introduction — and the co-sponsorship it's accumulating — is a signal. The Overton window has shifted. Federal Bitcoin purchasing is no longer a fringe idea.",[27,755],{},[30,757,759],{"id":758},"market-implications-the-supply-shock-scenario","Market Implications: The Supply Shock Scenario",[14,761,762],{},"Here's the number that gets Bitcoin analysts excited:",[14,764,765,766,769,770,773],{},"The combined investment portfolios of all 50 US state treasuries, rainy-day funds, and sovereign wealth-equivalent funds total approximately ",[41,767,768],{},"$3–4 trillion",". At a modest 1% average allocation, that's ",[41,771,772],{},"$30–40 billion"," in potential Bitcoin demand.",[14,775,776],{},"For context:",[35,778,779,782,785],{},[38,780,781],{},"The first 12 months of US spot Bitcoin ETFs saw ~$35B in net inflows",[38,783,784],{},"Annual Bitcoin miner revenue (all newly minted BTC) is ~$15B at current prices",[38,786,787],{},"The total global Bitcoin market cap is ~$1.7 trillion",[14,789,790],{},"A coordinated state-level accumulation phase of $30–40B over 2–3 years would represent a demand shock with no historical precedent in Bitcoin's 15-year history. Unlike ETF flows (which can reverse when retail sentiment shifts), state treasury allocations tend to be sticky — held for decades as part of diversified reserve portfolios.",[14,792,793],{},[41,794,795],{},"The competition effect is real",[14,797,798],{},"If Arizona executes its 10% allocation and Texas expands beyond 1%, Ohio, Florida, and Pennsylvania have political incentive to act before Bitcoin prices reflect the supply pressure. Every month a state waits is potentially more expensive.",[14,800,801],{},"This is the game theory argument Bitcoin maximalists have always predicted: once one sovereign entity starts buying seriously, others face pressure to front-run the remaining supply.",[27,803],{},[30,805,807],{"id":806},"comparison-states-vs-corporate-bitcoin-treasuries","Comparison: States vs. Corporate Bitcoin Treasuries",[14,809,810],{},"The state reserve trend runs parallel to, but distinct from, the corporate treasury trend pioneered by MicroStrategy (now Strategy).",[154,812,813,829],{},[157,814,815],{},[160,816,817,820,823,826],{},[163,818,819],{},"Entity",[163,821,822],{},"Bitcoin Holdings",[163,824,825],{},"Strategy",[163,827,828],{},"Funding Source",[182,830,831,847,867,886,902,918,934],{},[160,832,833,838,841,844],{},[187,834,835],{},[41,836,837],{},"Strategy (MicroStrategy)",[187,839,840],{},"~529,000 BTC",[187,842,843],{},"Buy aggressively, leverage BTC",[187,845,846],{},"Convertible notes, equity offerings",[160,848,849,854,861,864],{},[187,850,851],{},[41,852,853],{},"Texas (state)",[187,855,856,860],{},[857,858,859],"del",{},"1,470 BTC (","$125M)",[187,862,863],{},"Conservative ETF allocation",[187,865,866],{},"State investment fund earnings",[160,868,869,874,880,883],{},[187,870,871],{},[41,872,873],{},"Arizona (proposed)",[187,875,876,879],{},[857,877,878],{},"36,000 BTC (","$3.1B)",[187,881,882],{},"10% pension allocation",[187,884,885],{},"Public employee pension returns",[160,887,888,893,896,899],{},[187,889,890],{},[41,891,892],{},"US Federal Reserve",[187,894,895],{},"~198,000 BTC",[187,897,898],{},"Hold seized BTC, no new buys",[187,900,901],{},"Criminal\u002Fcivil asset forfeiture",[160,903,904,909,912,915],{},[187,905,906],{},[41,907,908],{},"El Salvador (national)",[187,910,911],{},"~6,000 BTC",[187,913,914],{},"DCA since 2021",[187,916,917],{},"National budget + tourism revenue",[160,919,920,925,928,931],{},[187,921,922],{},[41,923,924],{},"Tesla",[187,926,927],{},"~0 BTC (sold most)",[187,929,930],{},"Exited position",[187,932,933],{},"N\u002FA",[160,935,936,941,944,947],{},[187,937,938],{},[41,939,940],{},"Block (Jack Dorsey)",[187,942,943],{},"~8,027 BTC",[187,945,946],{},"10% of monthly BTC profit to buy",[187,948,949],{},"Company treasury",[14,951,952],{},[41,953,954],{},"Key differences from corporate buyers:",[35,956,957,963,969,975],{},[38,958,959,962],{},[41,960,961],{},"Purpose",": Corporations buy Bitcoin as a treasury inflation hedge or speculative bet. States buy as diversification from fiat currency risk within investment mandates.",[38,964,965,968],{},[41,966,967],{},"Time horizon",": Corporate treasuries can sell quickly. State fund allocations are typically evaluated on 5–10 year cycles.",[38,970,971,974],{},[41,972,973],{},"Accountability",": State treasurers answer to elected officials and taxpayers. This creates pressure to be conservative, slow, and ETF-based.",[38,976,977,980,981,984],{},[41,978,979],{},"Scale",": Even the largest corporate Bitcoin holder (Strategy) is dwarfed by what a large state pension system ",[112,982,983],{},"could"," allocate.",[14,986,987],{},"The most important difference: corporate Bitcoin buyers can reverse course. State investment mandates, once established by legislation, are sticky and politically difficult to unwind.",[27,989],{},[30,991,993],{"id":992},"what-to-watch-in-the-next-6-months","What to Watch in the Next 6 Months",[14,995,996,999],{},[41,997,998],{},"1. Arizona governor decision","\nThe highest-impact near-term event. A Hobbs signature triggers a $3B+ acquisition program. A veto delays it but doesn't kill the legislation permanently.",[14,1001,1002,1005],{},[41,1003,1004],{},"2. Florida legislative session","\nFlorida's SBA (State Board of Administration) manages ~$230B — one of the largest state investment pools in the country. If HB 487 advances, even a 1% allocation is $2.3B.",[14,1007,1008,1011],{},[41,1009,1010],{},"3. BITCOIN Act momentum","\nEach co-sponsor added to the Lummis bill is a signal. If it gets to 15+ senators, it becomes a floor vote risk — and markets would likely price that in well in advance.",[14,1013,1014,1017],{},[41,1015,1016],{},"4. States that failed trying again","\nSouth Dakota and Montana bills failed in early 2026 sessions. They'll likely be reintroduced in 2027 sessions. The legislative template improves with each state that successfully passes.",[14,1019,1020,1023],{},[41,1021,1022],{},"5. Pension fund pressure","\nState pensions are the biggest pool. So far, most state bills target general fund or rainy-day fund allocations — not pensions. If any state authorizes Bitcoin ETF exposure for pension assets directly, the dollar amounts become much larger.",[27,1025],{},[30,1027,1029],{"id":1028},"sources","Sources",[35,1031,1032,1042,1050,1058,1066,1074,1082,1090],{},[38,1033,1034,1041],{},[1035,1036,1040],"a",{"href":1037,"rel":1038},"https:\u002F\u002Fcapitol.texas.gov\u002F",[1039],"nofollow","Texas SB 21 — Texas Legislature Online"," — full text of the Texas Strategic Bitcoin Reserve Act",[38,1043,1044,1049],{},[1035,1045,1048],{"href":1046,"rel":1047},"https:\u002F\u002Fwww.azleg.gov\u002F",[1039],"Arizona SB 1025 — Arizona State Legislature"," — Arizona Bitcoin reserve bill full text and vote records",[38,1051,1052,1057],{},[1035,1053,1056],{"href":1054,"rel":1055},"https:\u002F\u002Fbitcoinlaws.io\u002F",[1039],"Bitcoin Reserve legislation tracker — Bitcoin Laws"," — comprehensive database of US state Bitcoin legislation",[38,1059,1060,1065],{},[1035,1061,1064],{"href":1062,"rel":1063},"https:\u002F\u002Fwww.congress.gov\u002F",[1039],"Senator Lummis BITCOIN Act 2025 — Congress.gov"," — federal Bitcoin reserve bill text and cosponsors",[38,1067,1068,1073],{},[1035,1069,1072],{"href":1070,"rel":1071},"https:\u002F\u002Fwww.coindesk.com\u002F",[1039],"CoinDesk — Texas Bitcoin ETF purchase reporting"," — investigative reporting on Texas comptroller purchases",[38,1075,1076,1081],{},[1035,1077,1080],{"href":1078,"rel":1079},"https:\u002F\u002Funchained.com\u002Fresearch\u002F",[1039],"Unchained Capital — State Bitcoin Reserve Analysis"," — institutional research on state-level Bitcoin adoption",[38,1083,1084,1089],{},[1035,1085,1088],{"href":1086,"rel":1087},"https:\u002F\u002Fnast.org\u002F",[1039],"National Association of State Treasurers"," — state investment mandate frameworks and fiduciary standards",[38,1091,1092,1097],{},[1035,1093,1096],{"href":1094,"rel":1095},"https:\u002F\u002Fabout.bgov.com\u002F",[1039],"Bloomberg Government — State pension allocation data"," — state fund size and investment policy data",{"title":1099,"searchDepth":1100,"depth":1100,"links":1101},"",2,[1102,1103,1104,1105,1110,1113,1114,1115,1116,1117,1118],{"id":32,"depth":1100,"text":33},{"id":81,"depth":1100,"text":82},{"id":151,"depth":1100,"text":152},{"id":495,"depth":1100,"text":496,"children":1106},[1107,1109],{"id":507,"depth":1108,"text":508},3,{"id":547,"depth":1108,"text":548},{"id":587,"depth":1100,"text":588,"children":1111},[1112],{"id":608,"depth":1108,"text":609},{"id":638,"depth":1100,"text":639},{"id":699,"depth":1100,"text":700},{"id":758,"depth":1100,"text":759},{"id":806,"depth":1100,"text":807},{"id":992,"depth":1100,"text":993},{"id":1028,"depth":1100,"text":1029},[1120,1121],"Regulation","Bitcoin","\u002Fimages\u002Fblog\u002Fstate-bitcoin-reserves-us-states-buying-btc-2026.svg","Track which US states are building Bitcoin reserves, their legislation status, and what state-level BTC adoption means for the broader crypto market.","md",false,{},true,"\u002Fblog\u002Fstate-bitcoin-reserves-us-states-buying-btc-2026","2026-04-08T10:00:00.000Z",{"title":5,"description":1123},"blog\u002Fstate-bitcoin-reserves-us-states-buying-btc-2026",[1133,1134,1135,1136,1137],"bitcoin","strategic-reserve","us-states","regulation","institutional-adoption","Iyh4xz4H2V_6GyEGmOHp77dGBnBokmaPkaXhun77UvQ",1779818555676]